First Internet Bancorp (NASDAQ:INBK) Receives $25.17 Consensus Price Target from Analysts

Shares of First Internet Bancorp (NASDAQ:INBK) have been assigned an average recommendation of “Reduce” from the five research firms that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $25.1667.

Several analysts have recently issued reports on INBK shares. Keefe, Bruyette & Woods reduced their price objective on First Internet Bancorp from $25.00 to $23.00 and set a “market perform” rating on the stock in a research note on Friday, January 30th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of First Internet Bancorp in a research report on Monday, December 29th. Piper Sandler decreased their price objective on First Internet Bancorp from $24.00 to $23.50 and set a “neutral” rating for the company in a research note on Friday, January 30th. Hovde Group upped their target price on shares of First Internet Bancorp from $26.00 to $29.00 and gave the stock an “outperform” rating in a research note on Friday, January 30th. Finally, Zacks Research downgraded shares of First Internet Bancorp from a “hold” rating to a “strong sell” rating in a research note on Friday, January 30th.

Insider Activity at First Internet Bancorp

In other First Internet Bancorp news, COO Nicole S. Lorch bought 2,000 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The shares were purchased at an average price of $17.96 per share, with a total value of $35,920.00. Following the completion of the acquisition, the chief operating officer directly owned 70,206 shares of the company’s stock, valued at $1,260,899.76. This represents a 2.93% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 8.00% of the company’s stock.

Institutional Trading of First Internet Bancorp

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of First Internet Bancorp by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 435,025 shares of the bank’s stock valued at $9,758,000 after acquiring an additional 5,632 shares during the last quarter. Heartland Advisors Inc. boosted its holdings in First Internet Bancorp by 5.3% in the third quarter. Heartland Advisors Inc. now owns 283,850 shares of the bank’s stock valued at $6,367,000 after purchasing an additional 14,250 shares in the last quarter. Patriot Financial Partners GP II L.P. purchased a new position in First Internet Bancorp in the third quarter valued at approximately $4,696,000. CSM Advisors LLC purchased a new position in First Internet Bancorp in the second quarter valued at approximately $3,923,000. Finally, Fourthstone LLC raised its holdings in First Internet Bancorp by 254.9% during the second quarter. Fourthstone LLC now owns 145,141 shares of the bank’s stock worth $3,904,000 after purchasing an additional 104,241 shares in the last quarter. 65.46% of the stock is owned by hedge funds and other institutional investors.

First Internet Bancorp Trading Up 3.0%

INBK stock opened at $22.00 on Thursday. First Internet Bancorp has a twelve month low of $17.05 and a twelve month high of $33.86. The firm’s fifty day simple moving average is $21.37 and its two-hundred day simple moving average is $21.70. The stock has a market capitalization of $191.62 million, a price-to-earnings ratio of -5.46 and a beta of 0.83. The company has a quick ratio of 0.88, a current ratio of 0.91 and a debt-to-equity ratio of 1.01.

First Internet Bancorp (NASDAQ:INBK) last released its earnings results on Thursday, January 29th. The bank reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. The company had revenue of $42.11 million for the quarter, compared to analyst estimates of $32.80 million. First Internet Bancorp had a negative net margin of 10.05% and a negative return on equity of 1.52%. As a group, analysts anticipate that First Internet Bancorp will post 4.11 earnings per share for the current year.

First Internet Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Wednesday, December 31st. First Internet Bancorp’s payout ratio is -5.96%.

First Internet Bancorp Company Profile

First Internet Bancorp is the bank holding company for First Internet Bank of Indiana, a pioneer in digital banking in the United States. Established with a focus on online-only operations, the company offers fully integrated, web-based financial solutions without the overhead of physical branches. Headquartered in Indianapolis, Indiana, First Internet Bancorp leverages technology to deliver streamlined banking services to customers across the country.

The company’s core offerings include a range of deposit products such as checking accounts, savings accounts, money market accounts, certificates of deposit (CDs) and individual retirement accounts (IRAs).